While there are costs for outsourcing, there are also costs for doing what you are doing and just hoping things are ok. Outsourcing your medical billing may incur fees that you think are more than keeping it in-house; but you need to know what the benefits are first, and what you may be missing in your clinics revenue cycle management. So how do you decide whether outsourcing your billing is right for your independent clinic or medical practice? And more importantly, how do you identify a reputable company?
ORI recommends you start with getting a second opinion through the ORI Assessment. The value of a regular “check-up” is not just limited to your patients. It’s also a great idea for every medical practice to undergo testing and assessment to determine the health of your business and whether you are enjoying your cash flow to the fullest. Catching problems early can head off major headaches down the road, or even worse! And having the information you need to make educated decisions for day-to-day operations or strategic planning is invaluable whether you decide to outsource or not.
Check your staffing
Do you have a team of medical billing staff already? Do you know what the real costs are? Having a clear picture of what equipment, space, training and benefits costs for your staff goes a long way in making good business decisions. Also, don’t forget to calculate the opportunity costs and risk. If a staff person leaves what will it cost you to hire and train a new biller? If you are solely dependent on your internal talent, what opportunities and best practices are you missing out on? The ORI Assessment can provide an accurate picture based on industry standards of what your medical billing department should be costing you and what levels of productivity they should attain.
ORI has a medical billing team called the “ORI entourage.” ORI handles staffing differently than many other outsource billing companies, positioning staff to be area experts while communicating across the spectrum through efficient “huddles” for problem solving and sharing of best practices. ORI’s leadership team and project managers keeps pushing the envelope of technology and process development. With ORI you have a ready resource for new technology, workflow strategy, best practices, and process recommendations. The training, the risk and the costs are on ORI so you can focus on the other aspects of your business.
Check your technology
Technology plays a huge role in whether your revenue cycle management will be successful or not. It’s complicated stuff and requires years of expertise to get it right and keep it there. System setup, ERA and EFT setup, payment systems, clearinghouse edits; the list goes on and each and every aspect needs continuous process improvement to ensure technology is working for your independent medical practice or clinic.
The ORI Assessment will review existing billing technology including PM and EMR technology, system setup, interfacing, and workflow tools. ORI can handle the technology and covers many of the associated costs in the contingency fee. This provides an incentive for the ORI team to fine tune for the fewest rejects and denials and the fastest most efficient turn around on claims and payments.
Check your fees and services
Some billing companies charge a low fee, but saving a few thousand on the fee does not mean that you have reduced your costs or increased your cash flow. Always check what is included, and what is not included. This also applies to internal billing departments. Make sure you understand the full costs of all the services that are needed for medical billing: IT costs, claims processing costs, consultants, maintenance, etc.
For ORI, we charge a flat fee and cover the costs of the billing system to the clearinghouse. We won’t charge your practice for this or that report or service because it is our goal to be a full service billing partner. The ORI Assessment will show you your return on investment. A review of financial data and accounts receivables will be compared with industry benchmarks and against ORI’s high standards to show you the ROI. Lastly, ORI Guarantees are applied that ensure benchmarks are met and exceeded or it comes out of your fees. No room for excuses.
Check references
It’s easy enough to talk the talk but can outsource medical billing companies walk the walk? The best way to find out is to check references. ORI can provide references and case studies that will provide a clear picture of performance and a partnership approach.
Getting a second opinion by having a qualified and complimentary medical billing assessment from ORI is just the first step. It can give you the peace of mind that your practice is healthy and in good shape. You may just find areas that need treatment and care, and in some cases, you realize that you are long overdue for making those important workflow changes. Worst case scenario, the assessment will put you in a state of emergency. But don’t worry – no matter what you find ORI has the tools, experience and expertise to get you back in top shape.